General Questions

LenDenClub is a peer to peer lending platform, which connects individual who wants to earn higher returns to those who wants to borrow money with transparency and at low cost.

At LenDenClub, lenders directly fund loans of verified borrowers. Borrowers repay their installments back to lender every month.

No Hidden Charges, Fast Funding, Less Cost and Transparent process differentiates us from banks. There is no bar on smaller loan requirement as like bank, which may not process small loan requirements. At LenDenClub, you can avail loan for any personal purpose and any amount as small as Rs. 25,000.

Any Indian citizen, who has a pan card and bank account, can become borrower on LenDenClub.

Registration

Click here to create your borrower profile by providing required information. It is just a 2 step process. Your profile will be assessed based on our credit & risk policies. Once approved, your profile will be listed on the platform. Any lender, who finds your profile suitable, will fund your loan.

We care for your identity. Your identity (email, mobile no. and photo) is completely protected and not visible to any other member of the portal. Your name will be shared with your lender only when he/she signs the agreement

You need to submit a few documents regarding your identity and income, which are:

  1. Pan Card
  2. Driving Licence/Passport/Aadhar Card/Voter
  3. Last two months salary slips
  4. Last two months salary account statement
  5. Passport Size photograph

In case you are staying at rental premises, you need to submit a rent agreement copy as well.

Generally, we approve any borrower request within 18 hours.

LenDenClub charges two type of fees from borrowers.

  1. Fixed registration fee of Rs. 750 is charged from each borrowers at the time of registration. LenDenClub charges these fees to recover cost incurred towards assessment of the borrower. Registration fee is a one time fees paid by the user and it is non-refundable.
  2. Loan processing fee is charged at the time of loan disbursal. Processing fee is 4% of the loan amount or Rs. 2000 (whichever is higher) and applicable taxes. The amount is deducted from the disbursed amount.

Your registration approval may have been declined due to multiple reasons like weak credit profile, physical verification unsuccessful, documentary proof error etc. You can contact our customer service officer to get more details about it.

Yes, if your profile is not suitable as per our credit & risk policy, your request may get rejected.

If your loan request is rejected, you can try again after 6 months.

Registration fee is one time fee which we take for verification.

Writng the correct description of loan would help faster funding in our platform.

Borrowing

Tenure is the time frame for which loan is offered.

Minimum borrowing amount is Rs. 25,000. Maximum borrowing amount is Rs. 5,00,000.

Each and every step of the lending and borrowing process occurs online, through your LenDen account. Both, lender and borrower will be communicate about loan progress through their respective LenDen accounts.

In your LenDenClub account, under My Account option, you can upload your bank account details.

Once you are listed as a borrower, you may get funding anytime between 24 hours (minimum time) to 30 days (maximum time).

You can get loan for any individual purpose except speculative investments. You can get loan for Car Purchase, Bike Purchase, House Purchase, Home Renovation, Credit Card Payment, Debt Consolidation, Family Function, Vacation , Medical Expenses or for any other personal need.

You can avail loan starting from 3 months upto 24 months. The loan tenure should be in multiple of 3. Ex. 3 months, 6 months, 9 months, 12 months etc.

Probable reasons for loan not getting funded are unclear purpose of loan, very less loan description, weak credit profile etc. Proper loan purpose and loan description can help you get faster funding.

No, you cannot change any details once submitted. However, you can contact our customer service officer for any changes/modification of your profile details.

You can send an email to our customer service officer to cancel your loan request.

Loan amount will be directly transferred to your bank account.

Payment

The loan amount will be disbursed in the bank account provided in your LenDenClub profile

No, there are no prepayment charges after payment of 3 successful EMIs.

In case the Loan amount is less than Rs. 100,000

a. If the Borrower has delayed his repayment by a week (7 days from EMI date), he will be charged Rs. 750
b. If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 1,500
c. If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 2,250
d. If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 3,000
e. For delays of an EMI beyond a month, the Borrower will be charged an additional 2% penal interest rate; on the overdue amount

In case the Loan amount is more than Rs. 1,00,000 but less than Rs. 3,00,000

f. If the Borrower has delayed his repayment by a week (7 days from EMI date), he will be charged Rs. 1,000
g. If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 2,000
i. If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 4,000 h. If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 3,000
j. For delays of an EMI beyond a month, the Borrower will be charged an additional 2% penal interest rate; on the overdue amount

In case the Loan amount is more than Rs. 3,00,000

k. If the Borrower has delayed his repayment by a week (7 days from EMI date), he will be charged Rs. 1,500
l. If the Borrower has delayed his repayment by 2 weeks (14 days from EMI date), he will be charged Rs. 3,000
m. If the Borrower has delayed his repayment by 3 weeks (21 days from EMI date), he will be charged Rs. 4,500
n. If the Borrower has delayed his repayment by 4 weeks, he will be charged Rs. 6,000
o. For delays of an EMI beyond a month, the Borrower will be charged an additional 2% penal interest rate; on the overdue amount

All these charges will be divided among lenders and LenDenClub. These charges will be applicable on loans disbursed from April 1, 2017

Your repayment is calculated by reducing balance method for the tenure selected by you.

There are no hidden charges. All the charges, including LenDenClub fees, are already mentioned upfront.

Repayment dates are fixed between 1st & 15th of every month.

Repayment takes place by auto debit from your account subject to approval by your bank. If auto debit is not approved/delayed by your bank the borrower has to transfer EMI amount to LenDenClub pool account from where it will be paid to respective lenders.

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